Vivion - comment

Vivion has decided that some of its prodigious cash pile might be better to hand back to bondholders. It has announced a market price-based bond buyback program to buy back up to €150m of its 3.0% and 3.5% SUNs. Bondholder excitement will be tempered as the company has already completed an undisclosed proportion. The impact on overall liquidity is small but with the SUNs yielding over 5%, it is a better return than cash.